Extra Space Storage Inc. has obtained a commercial mortgage-backed security loan from Bank of America/Merrill Lynch for $82.2 million.
The loan, designated for general corporate purposes and to repay debt, has a fixed market rate of 5.8 percent for the life of the loan and is secured by 16 self-storage properties. Extra Space Chief Financial Officer Kent W. Christensen said in a company news release that Extra Space is one of the first self-storage real estate investment trusts to re-enter the CMBS market since the 2008 financial crisis.
Headquartered in Salt Lake City, Extra Space owns or operates 820 self-storage properties in 34 states and Washington, D.C. The companys properties comprise approximately 550,000 units and more than 59 million square feet of rentable space.